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Morning Commentary: Bank of America, Banc of California on tap; financial preferreds up
By Cristal Cody
Tupelo, Miss., Oct. 27 – More financial supply is expected in the preferred stock market on Tuesday.
Bank of America Corp. is offering $25-par series NN perpetual non-cumulative preferred stock (Baa3/BBB-/BBB).
Initial price talk is in the 4.625% area, a source said.
In addition, Banc of California, Inc. is marketing fixed-to-floating rate subordinated notes due 2030 (Kroll: BBB-) on Tuesday.
On Monday, Bank of New York Mellon Corp. priced $582.5 million of 3.7% series H $1,000-par noncumulative perpetual preferred shares (Baa1/BBB/BBB+).
The preferreds priced tighter than talk in the 3.875% area.
Wells Fargo, Fulton gain
Financial paper was modestly better in early trading on Tuesday.
Wells Fargo & Co.’s (A2/BBB+/A+) $1.17 billion of 4.7% $25-par series AA non-cumulative perpetual class A preferred stock that priced on Wednesday improved 9 cents to $25.01 on about 299,000 shares traded.
The issue had priced better than guidance in the 4.75% to 4.875% area.
The preferreds were admitted for trading under the temporary symbol “WFCCL.”
Wells Fargo plans to list the preferreds on the New York Stock Exchange under the symbol “WFCPrA.”
Fulton Financial Corp.’s 5.125% series A fixed-rate non-cumulative perpetual preferred stock also continued to gain at the start of Tuesday’s session.
The preferreds, traded under the temporary symbol “FULPP,” were up 5 cents to $25.75 on about 184,000 shares trading.
Fulton Financial sold $200 million of the $25-par preferreds on Thursday.
The company plans to list the preferreds on the Nasdaq under the symbol “FULTP.”
Overall, preferreds were mixed in early trading on Tuesday.
The Wells Fargo Hybrid and Preferred Securities index edged down 0.02%.
The U.S. iShares Preferred Stock ETF was up 6 cents, or 0.16%, to $36.81.
Equities were mixed with the Dow Jones industrial average down 0.41% and the Nasdaq up 0.64% over the morning.
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